"In this book Bernard Salanie studies the circumstances under which competitive markets fail to achieve a socially optimal equilibrium and the interventions that are used to remedy these market failures. The discussion focuses on the microeconomic aspects of market failures, encompassing theories of collective decision making, welfare economics, and industrial organization. The book concludes with a chapter considering the theory of general equilibrium in incomplete markets, and the implications this theory poses for dealing with market failures."--Jacket.
Bibliography, etc. Note
Includes bibliographical references and index.
Formatted Contents Note
The Microeconomics of Market Failures Contents Preface The Microeconomics of Market Failures Introduction Collective Choice The Aggregation of Preferences Cost-Benefit Analysis Implementation Public Economics Public Goods External Effects Nonconvexities Industrial Organization General Equilibrium of Imperfect Competition Prices and Quantities Product Choice Long-Term Entry and Competition Vertical Relations Incomplete Markets Elements of the Theory of Incomplete Markets Index.
"In this book Bernard Salanie studies the circumstances under which competitive markets fail to achieve a socially optimal equilibrium and the interventions that are used to remedy these market failures. The discussion focuses on the microeconomic aspects of market failures, encompassing theories of collective decision making, welfare economics, and industrial organization. The book concludes with a chapter considering the theory of general equilibrium in incomplete markets, and the implications this theory poses for dealing with market failures."--Jacket.